N of the NWC 28th Drive & Cactus
12416 N. 28th Dr, Phoenix, AZ

Price $1,575,000
Size 16,276 SF
Price per SF $96.77 SF
Cap Rate 6.46% Actual
Occupancy 74.2%
Year Built 1979

The subject property is a contemporary Spanish-style center with excellent street visibility that was built in 1979. All but one suite directly faces 28th Drive. Access to the center is very easy and convenient. A large monument sign is available for the tenants.

The center is priced well under replacement cost at only $99.96/SF. and well under the market average of $189/SF for strip centers in 2016. The cap rate is 6.29% based on the actual current occupancy. That means you are increasing the value starting with every new lease. The current lease rates average a conservative $9.46/SF for reduced risk and upside. Half of the tenants average over 20 years of tenancy.

All vacant suites are second generation and until recently the center was 100% leased. The vacant space can be leased at low rates and still generate a very good rate of return. This center offers tenants an
excellent combination of good value, high visibility and easy access.

The center is located just west of I-17 and a mile north of Metrocenter- that is going through a rebirth starting with a new Walmart store. The 101 Freeway is five miles to the north. The center is easily accessible from all directions via these two freeways. A busy, big, new QuikTrip gas station is across the street from the center. Please refer to the aerial photos in the flyer to see what major retailers are located close by.

Download the Cactus Court Flyer